0:10Skip to 0 minutes and 10 secondsThe online payment platform is pretty important, in my experience. Very important. So we've had problems in the past with our payment platform, and that was really frustrating, because obviously we're losing potential sales. I went with an online payment platform that, for my business, was right, because it was just a percentage of sales. So if I'm not making any sales, it's not costing me money. Speak to people, research, and there are so many out there that are way more affordable than some of the bigger ones. We needed something that was going to support the customer's expectation for security and minimise any potential for online fraud. But I think it's the reality of online businesses in general.

0:53Skip to 0 minutes and 53 secondsSo what we do is we ensure that we have an up-to-date SSL certificate on our site. And we also maintain security policies and processes on the site, being a multi-vendor marketplace. Have a game plan in the event that you have technical difficulties on your website. Technology has a mind of its own, and despite your best efforts or most rigorous instruction, things will likely go wrong.

1:19Skip to 1 minute and 19 secondsAnd it could be upsetting at first, but if you have a game plan in place for when these technical difficulties come about, have a developer on call, have a communications strategy, whether it be via your social media platforms or via your email channels, let the customer or or the user know what's happening on your website. And then just focus all your energies on rectifying the problem and moving on.

Online Gateways and Feedback

Payment gateways (also known as online payment systems) are an important part of your eCommerce website. A payment gateway is a piece of software that helps your online store (shopfront) to securely process the payment from your customer.

A gateway automates the system for you. It will verify the customer’s billing details and funds required for the payment to be successful. It also processes the approval for the transaction by providing the customer with a confirmation email or number for their purchase, and it securely delivers the money for the transaction to your account.

A long time ago, if a company wanted to process transactions online they needed to have a merchant account with their bank. Whilst these merchant accounts are still available (and usually adopted by larger organisations), there are now more streamlined ways for smaller businesses to transact online.

Modern payment gateways (for example PayPal), that are suitable for smaller transacting businesses, have taken the stress out of processing online transactions.

Payment gateways that do not require a merchant account, have the advantage of being simple and easy to use and access - there is no need to set up a merchant account, and integrating a link into an eCommerce site is quick and easy. However, there are also disadvantages, such as potential for high per transaction charges, and the need to send your customer off-site to make the payment.

However, if you aspire to be a larger transaction store, other payment gateways that do require merchant accounts may be more suitable for your needs.

Depending on the type of transactions you are processing, some merchants may consider you a high risk. Whilst you may not think you are a high risk, it is important to understand the level of risk your product or services is considered from a merchant perspective. For example , if you are a business that will be selling a product or a service that has a high probability of fraudulent transactions occurring, or can be affected by factors you can’t control, this may classify your business as a high risk from the merchant standpoint.

Consider the user experience (test what experience the customer will have when making a purchase using the gateway).

Remember, one size does not fit all and it depends on the volume and average transaction value when selecting your ideal payment gateway. Of course, you can consider starting with one payment gateway, and switching to another, but that is fraught with issues. Careful planning and understanding of the differences between gateways is recommended before launching your eCommerce site.